USD 870 Million
Global Insulin Storage Devices Market Size, Share, Growth Analysis, By Product(Insulated Kits, Insulin Cooling Wallets), By Patient(Type 1 Diabetes, Type 2 Diabetes) - Industry Forecast 2024-2031
Report ID:
SQMIG35A2495 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
64 |
Figures:
75
Global Insulin Storage Devices Market Insights
Global Insulin Storage Devices Market size was valued at USD 870 Million in 2022 and is poised to grow from USD 941.34 Million in 2023 to USD 1768.34 Million by 2031, at a CAGR of 8.20% during the forecast period (2024-2031).
The market's growth is propelled by the escalating occurrence of diabetes and the increasing uptake of advanced insulin delivery devices. Furthermore, the surge in demand for sophisticated storage solutions emerges as a pivotal growth catalyst. The advent of insulin pumps has precipitated a need for enduring insulin-carrying solutions, fostering growth prospects during the forecast timeframe. Urbanization, sedentary lifestyles, and dietary shifts have contributed to a surge in obesity, a significant driver of diabetes.
Obesity, intricately linked to diabetes, is anticipated to afflict one billion individuals globally by 2030, per the World Obesity Federation. The ascent of refined and processed foods has adversely impacted consumer well-being, causing diabetes due to unhealthy dietary choices. This surge in diabetes incidence is poised to amplify the demand for insulin storage devices.
Notably, individuals with type 1 diabetes, who produce limited or no insulin, necessitate lifelong treatment and precise storage solutions. Temperature fluctuations can impair insulin efficacy, motivating the need for proper storage, especially for the young population, where over 1.52 million individuals with type 1 diabetes are under 20 years old, as per the International Diabetes Federation.
US Insulin Storage Devices Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Type 1 Diabetes
Fastest Growth
Type 1 Diabetes
Growth Rate
8.20% CAGR
Global Insulin Storage Devices Market ($ Bn)
Country Share for Asia Pacific Region (%)
Global Insulin Storage Devices Market By Patient Type ($ Bn)
Global Insulin Storage Devices Market By Patient Type (%)
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Global Insulin Storage Devices Market Segmental Analysis
The global insulin storage devices market is segmented on the basis of product, patient, region. By product type, the market is segmented into insulated kits, insulin cooling wallets, insulin cooling pouches, insulated cooler bags, battery operated insulin storage devices. By patient type, the market is segmented into type 1 diabetes, type 2 diabetes. By region, the market is segmented into North America, Europe, Latin America, Asia- Pacific, Middle East and Africa.
Insulin Storage Devices Market Analysis By Product Type
In terms of product types, the market is categorized into insulated kits and battery-operated devices. Notably, battery-operated devices took precedence, capturing a substantial revenue share of 61.09% in 2022. The ascendancy of battery-operated coolers stems from their rising popularity among individuals with diabetes, owing to their mobility and precise cooling capabilities. These devices ensure the consistent temperature maintenance of insulin vials, pens, and cartridges, a feature particularly advantageous during travel, thus enhancing their overall practicality.
Simultaneously, the insulated kits segment held considerable market sway in 2022 and is projected to exhibit noteworthy growth at a commendable Compound Annual Growth Rate (CAGR) over the forecast period. This segment's expansion is driven by its affordability and user-friendly nature. The category of insulin kits encompasses cooling wallets, cooling pouches, and insulated cooling bags. Among these subcategories, cooling wallets emerge as the dominant choice, largely due to their widespread availability and popularity among older patient demographics.
Insulin Storage Devices Market Analysis By Patient Type
Segmented by patient type, the market is bifurcated into type 1 and type 2 diabetic patients. Remarkably, the type 1 diabetes segment took the lead, commanding a substantial market share of 81.81% in 2022. This prominence of type 1 patients is attributed to their heightened insulin requirements and their willingness to adopt insulin delivery devices. For instance, in the UK alone, there are more than 400,000 individuals grappling with type 1 diabetes, a group that includes roughly 29,000 children. Given that type 1 diabetes necessitates lifelong management, continuous blood glucose monitoring, and insulin administration, these individuals rely on insulin packs for their day-to-day activities.
Concurrently, the type 2 diabetes segment is in rapid expansion mode, primarily due to the exponential increase in patient numbers. To elucidate, as per the World Health Organization (WHO), diabetes afflicts over 422 million individuals globally, with a substantial concentration residing in low- and middle-income nations. Shockingly, diabetes is directly accountable for around 1.5 million deaths annually. Notably, type 2 diabetes, often associated with lifestyle choices, is predominant among adults and working individuals. As this patient group generally prefers long-term insulin administration over frequent pharmacy visits, there is a projected surge in demand for insulin storage devices in the forecast period.
Global Insulin Storage Devices Market By Patient Type, 2023 (%)
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Global Insulin Storage Devices Market Regional Insights
Notably, North America commands a prominent position in the market due to its substantial patient base and favorable reimbursement policies. The region secured a substantial market share of 45.67% in 2022. This is underpinned by Canada's noteworthy contribution, where over 3 million individuals are grappling with diabetes, with the prevalence rate growing by approximately 3.3% annually, accounting for the elderly population. Furthermore, escalating healthcare expenditures by consumers in North America are propelling market growth.
Anticipated to exhibit robust growth during the forecast period, the Asia Pacific region is poised to be a key growth driver. This growth is fueled by the surge in disease prevalence and heightened awareness campaigns promoting effective insulin use and storage. Government initiatives and educational programs further contribute to propelling the market's expansion. Remarkably, Asia hosts nearly 60% of the global diabetes population. With rapid economic development and urbanization, the region is witnessing a significant increase in working-age individuals affected by diabetes, consequently driving demand for insulin storage devices.
Global Insulin Storage Devices Market By Geography, 2024-2031
- Largest
- Fastest
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Global Insulin Storage Devices Market Dynamics
Insulin Storage Devices Market Drivers
Rising Diabetes Prevalence
- The increasing global incidence of diabetes, particularly type 1 and type 2, is a primary driver for insulin storage devices as these devices are essential for effective insulin management.
Advancements in Insulin Delivery
- Technological innovations in insulin delivery devices, such as insulin pens and pumps, are encouraging patients to adopt these devices, thereby increasing the demand for proper storage solutions.
Growing Awareness of Diabetes Management
- Heightened awareness campaigns and educational programs about diabetes management, including proper insulin storage, are motivating patients to invest in insulin storage devices.
Insulin Storage Devices Market Restraints
Limited Access in Low-Income Countries
- Limited access to insulin storage devices in low-income countries due to affordability issues and inadequate healthcare infrastructure can restrain market growth.
Lack of Awareness
- Lack of awareness about the importance of proper insulin storage among patients and healthcare providers can hinder the adoption of insulin storage devices.
Complexity of Devices
- Some insulin storage devices can be complex to use, especially for elderly patients, potentially limiting their adoption.
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Global Insulin Storage Devices Market Competitive Landscape
The competitive landscape of the global insulin storage devices market is characterized by a blend of established healthcare companies, innovative startups, and technological pioneers. Key players in the market include prominent medical device manufacturers, pharmaceutical companies, and specialized firms dedicated to diabetes management solutions. These industry leaders leverage their extensive expertise, distribution networks, and research capabilities to offer a diverse range of insulin storage devices that cater to the evolving needs of patients.
Innovation remains a driving force, as companies continuously strive to enhance the usability, convenience, and technological sophistication of their products. This includes the development of smart insulin storage devices with features like temperature monitoring, mobile app integration, and data connectivity. Furthermore, collaborations between pharmaceutical giants and device manufacturers are fostering cross-industry synergies, resulting in advanced solutions that address the unique requirements of diabetes patients.
Insulin Storage Devices Market Top Player’s Company Profiles
- ReadyCare, LLC (USA)
- DISONCARE (China)
- Medicool (China)
- Tawa Outdoor (China)
- Cooluli (France)
- Arkray, Inc. (Japan)
- Zhengzhou Olive Electronic Technology Co., Ltd. (China)
- Zhengzhou Defrigus Electric Device Co., Ltd. (China)
- COOL Sarl-FR (France)
- AfriMedix (South Africa)
- Insulet Corporation (USA)
- BD (USA)
- Medtronic (Ireland)
- Novo Nordisk (Denmark)
- Sanofi (France)
- Roche (Switzerland)
- Ypsomed (Switzerland)
- Terumo (Japan)
- Abbot Diabetes Care (USA)
- Nipro Corporation (Japan)
Insulin Storage Devices Market Recent Developments
- In March 2023, The European Central Bank (ECB) announced that it would be extending its Pandemic Emergency Purchase Programme (PEPP) by six months, until December 2023.
- In February 2023: The Federal Reserve (Fed) announced that it would be raising interest rates by 0.25 percentage points, the first increase since 2018.
- In January 2023, The Bank of England (BoE) announced that it would be raising interest rates by 0.25 percentage points, the fourth increase since December 2021.
Global Insulin Storage Devices Key Market Trends
- Smart and Connected Devices: The integration of IoT technology is leading to the development of smart insulin storage devices that offer features like temperature monitoring, reminders, and connectivity with smartphones.
- Portable and Compact Designs: Insulin storage devices with portable and compact designs are gaining traction, allowing patients to conveniently carry their insulin supplies while on the go.
- Focus on Sustainability: Increasing emphasis on sustainability is driving the development of eco-friendly insulin storage solutions that minimize environmental impact.
Global Insulin Storage Devices Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Product types team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global insulin storage devices market analysis, the global insulin storage devices market stands at the forefront of addressing the critical needs of diabetes management. With rising diabetes prevalence and evolving patient preferences, the market is witnessing a shift toward innovative, user-friendly, and technologically advanced storage solutions. The dominance of battery-operated devices and the escalating demand for insulin storage among type 1 diabetic patients underscore the market's growth trajectory.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 870 Million |
| Market size value in 2031 | USD 1768.34 Million |
| Growth Rate | 8.20% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Million |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Insulin Storage Devices Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Insulin Storage Devices Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Insulin Storage Devices Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Insulin Storage Devices Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Insulin Storage Devices Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Insulin Storage Devices Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Insulin Storage Devices Market Report Snapshots
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